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France fines Morgan Stanley $22 million for manipulating sovereign bonds

Reuters
FILE PHOTO: A sign is displayed on the Morgan Stanley building in New York

PARIS (Reuters) - France's markets watchdog AMF said on Tuesday it has fined U.S bank Morgan Stanley 20 million euros ($22 million) for manipulation of sovereign bonds.

The fine relates to manipulations of French and Belgian bonds prices in June 2015, AMF said in a statement.

Morgan Stanley said it intended to lodge an appeal.

"The activities in question were undertaken in accordance with market practice and as part of the firm’s role and obligations as a market maker," the bank said in a statement.

($1 = 0.9073 euros)

(Reporting by Matthieu Protard; Editing by Andrew Heavens and Susan Fenton)